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American Tower Pays $500 Million for 2,500 Tower in Mexico

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American Tower Corp today announced that it has entered into definitive agreements to acquire up to approximately 2,500 towers from Telef nica's Mexican subsidiary, Pegaso PCS, for an agreed upon purchase price of up to approximately $500 million, excluding value added tax.

American Tower expects to acquire a substantial majority of the towers during the fourth quarter of 2011, subject to regulatory approval and customary closing conditions.

James Taiclet, Chairman, President and Chief Executive Officer of American Tower, said: "We continue to strengthen our relationship with Telefónica, and this acquisition nearly doubles our portfolio in Mexico and provides us with a highly desirable network of sites in this key market. We believe that our experienced local management team will secure strong growth on these towers as our customers in Mexico deploy new spectrum and next generation wireless technologies."

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Tags: american tower  pegaso pcs  telefonica  telefonica,  Mexico